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Forex Analysis: US Dollar Classic Technical Report 12.14.2012

Prices bounced from rising trend line support set from the mid-September bottom, with the outlines of a Flag chart formation hinting at bullish continuation. A Piercing Line candlestick pattern reinforces the case for an upside scenario. A break above Flag resistance at 9965 on a daily closing basis initially exposes the 23.6% Fibonacci expansion at 9995. Alternatively, a drop below the trend line (now at 9945) targets the Flag bottom at 9885.

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